Letšeng Average Price Drops 6% in 1Q

RAPAPORT... Gem Diamonds’ average selling price fell 6% to $1,615 per carat in the first quarter compared with the previous three months, the company said Monday.

The miner brought in $6.7 million from its second flexible tender of large, high-quality rough from the Letšeng mine in Lesotho. The first flexible tender yielded $12 million. The company also sold $7.8 million during the quarter at a small-diamond tender in Belgium prior to the COVID-19 lockdown.

Still, the average price is strong given the lack of trading during the coronavirus outbreak, the company noted.